Fiscal Year 2015 Budget Results

November 2, 2015

How much was spent in FY 2015?

Fiscal year 2015 ran from October 1, 2014 through September 30, 2015. Federal spending was $3.7 trillion during that period as shown in Figure 1. Total spending increased by $181 billion or 5.2% vs. fiscal year 2014 as shown in Figure 2. The largest spending increase was for Medicaid, which rose by $49 billion (+16.1%) vs. fiscal year 2014. Defense had the largest decrease at $16 billion (-2.7%) vs. last year.

How much revenue was collected in FY 2015?

Total taxes collected were $3.25 trillion in fiscal year 2015, which was a $229 billion increase (+7.6%) vs. 2014 as shown in Figures 3 and 4. The largest increase was in the individual income tax category, which rose by $144 billion (+10.3%) vs. 2014. Payroll taxes increased by $44 billion (+4.3%) and corporate taxes were $24 billion (+7.3%) higher than last year.

FY 2015 deficit

The deficit was $435 billion, a decrease of $48 billion (-9.9%) vs. 2014.

Since the 1930s, the House and Senate have considered dozens of balanced budget amendments. While they often vary in form, all accomplish the same goal: a balanced budget, enforceable by the Constitution.